Bowleven PLC - Edinburgh-based oil and gas exploration company developing Etinde project offshore Cameroon - Partner's sale of stake in the Etinde project falls through. Bowleven is informed on Thursday by New Age (African Global Energy) Ltd, the operator of Etinde, that it received from Perenco SA a termination notice for the conditional sale of New Age's interests in the Etinde joint venture to Perenco. The deal for the 37.5% stake was first announced back in June 2022. Bowleven says it now will discuss with its joint venture partners an updated development plan and work programme for Etinde.
"The termination of the transaction between New Age and Perenco is unfortunate, as we believed it could have represented an opportunity to accelerate development progress at Etinde," says Bowleven Chief Executive Officer Eli Chahin.
Back in November with its interim results, Bowleven had warned that its cash was "depleting" and it had a "pressing need" to raise equity. It had hoped the Perenco deal would have provided a "catalyst" for fund-raising efforts and the monetisation of Etinde.
Current stock price: 0.50 pence, down 13% on Thursday in London
12-month change: down 71%
By Tom Waite, Alliance News editor
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Bowleven (BLVN)